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    Daiwa Europe’s market-leading research on the Japanese economy.

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    Daiwa’s research coverage of the euro area and UK economies.

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    Daiwa’s coverage of the US economy from our colleagues in New York

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2024

2023

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  • US Economic Comment

    US Economic Comment

    9 February 2024 595 KB PDF
    • CPI revisions: modest changes; decelerating trend remained intact
    • Forecasters’ inflation expectations: anchored at two percent
    • The U.S. budget outlook: dire with little hope for near-term course correction
  • Euro Wrap-up

    Euro Wrap-up

    7 February 2024 252 KB PDF
    • Bunds made modest losses today as comments by ECB Executive Board member Schnabel pushed back on expectations for an early rate cut, even as German IP contracted at an accelerated pace.
    • Gilts made losses as BoE Deputy Governor Breeden reiterated the MPC’s message that more evidence of receding inflation was needed before cutting interest rates.

     

  • Euro Wrap-up

    Euro Wrap-up

    6 February 2024 295 KB PDF
    • Bunds ended the day a touch higher as the surge in German factory orders in December reflected one-off bulk purchases, while the downtrend in core orders was maintained.
    • Following some dovish comments from certain BoE policymakers, Gilts made gains as a UK retail survey suggested a soft start to the year for consumer spending. 
  • Issuer Profile - Bladex

    Issuer Profile - Bladex

    6 February 2024 333 KB PDF
    • Banco Latinoamericano de Comercio Exterior S.A. (Bladex) was incorporated in 1978 following a proposal of 23 central banks and government institutions from Latin America & the Caribbean (Latam).
  • US Economic Comment

    US Economic Comment

    5 February 2024 556 KB PDF
    • January employment: robust payroll growth; benchmark revisions had little effect on recent trends
    • Household data: suggestive of ongoing tight labor market conditions
    • Wage growth: strong, but likely influenced by inclement weather
  • Euro Wrap-up

    Euro Wrap-up

    5 February 2024 269 KB PDF
    • Bunds followed USTs lower even as German goods export and imports fell sharply and euro area PPI inflation remained firmly in negative territory in December.
    • Gilts also made losses, while revised ONS labour force survey results saw a lower than previously estimated UK unemployment rate but also a weaker employment rate.
  • Euro Wrap-up

    Euro Wrap-up

    1 February 2024 376 KB PDF
    • Shorter-dated Bunds made losses, while longer-dated Bunds made gains as the flash estimates for euro area inflation edged lower in January to extend the disinflationary trend but unemployment remained at a series low.
    • Gilts made gains as the BoE removed the tightening bias from its policy statement, but suggested more evidence was required before cutting rates as it forecast only a gradual return to its inflation target.
  • US FOMC Review

    US FOMC Review

    1 February 2024 266 KB PDF
    • FOMC: policy rate maintained at a range of 5.25 to 5.50 percent, but statement abandoned its explicit tightening bias
    • Powell's press conference: focused on sustainable return to two percent inflation; path of policy contingent on incoming data; March pivot is not the Committee's "base case"
    • Quantitative tightening: currently on track in its current permutation; more in-depth discussion of balance-sheet policy to occur in March